Save money with affordable account

2014-07-14 10:41
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Cape Town - Using your bank account smartly and understanding what you want from a bank account is key to saving money, according to a savings expert.

“Make sure that you are on the right account and pricing option for your lifestyle,” said Irlon Terblanche, CEO of Value Banking Solutions at FNB.

“Saving  fees on your  bank account is all about being smart and understanding what your needs are.”

Terblanche said customers should look after their bank card and keep it in a safe place, to avoid unnecessary fees charged to replace your card.

“Ensure that you keep enough money in your account to cover any purchases or payments that you have made in order to avoid unnecessary fees charged because you had insufficient funds in the account,”  he said.

“It is important to do your homework when choosing the right bank account.”

“It is important to understand your transactional needs – if you are going to be transacting regularly, it may actually be cheaper to look at another account offered with different pricing options,” said Terblanche. "For example, use an option that offers unlimited electronic transactions for a monthly fee instead of paying for each transaction that you use."

Affordable account

FNB recently announced that its Easy Account is available throughout its branch network to all customers, regardless of their income.

It has a monthly fee of R4.95 and offers free transactions when purchasing in store using the gold card linked to the account, withdrawing cash at certain retailers.  

Terblanche advises using electronic channels to transact. “There are no subscription fees and transaction fees are much cheaper in some instances such as balance enquiries and statements – these are free,” he said. “In this way, you can keep your banking costs to a minimum.

“Use your card to pay for purchases in store and withdraw cash at the same time (cash@till) to avoid ATM fees,” he said. “Depending on who you bank with, you can also check your balance or receive statements for free using ATMs or cellphone banking.

Consider yourself a savings hero? Or just have something on your mind? Add your voice to our Savings Issue:

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